Press release
Electric Power Steering Market Poised for Significant Growth, Projected to Reach $37.1 Billion by 2031
Electric Power Steering Market
Connect with us for Sample Copy: https://www.meticulousresearch.com/download-sample-report/cp_id=5868
Geography:
Asia-Pacific: Expected to dominate the market with over 36% share in 2024 and the highest CAGR of above 7.0%. The region's growth is fueled by the rising EPS system penetration in countries like India, China, and Japan, alongside increasing EV production and technological advancements such as steer-by-wire technology.
Key Industry Players
The electric power steering market is highly competitive, with key players including: JTEKT Corporation (Japan), Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Nidec Corporation (Japan), Magna International Inc. (Canada), ContiTech Deutschland GmbH (Germany), HYCET Technology Co., Ltd (China), HL Mando Corporation (South Korea), Mitsubishi Electric Mobility Corporation (Japan), Nexteer Automotive Corporation (U.S.), NSK Ltd. (Japan), thyssenkrupp AG (Germany), Hitachi Astemo Americas, Inc. (A Subsidiary of Hitachi America Ltd) (U.S), and MAHLE GmbH (A Subsidiary of Mahle Stiftung GmbH) (Germany).
These industry leaders are instrumental in driving innovation and advancing EPS technologies.
Market Drivers and Challenges
The electric power steering market is driven by:
Enhanced Driving Experience: The growing preference for EPS to improve vehicle handling and comfort.
Reduced Vehicle Weight and Complexity: EPS technology's role in minimizing vehicle weight and mechanical complexity.
Get Customized Report: https://www.meticulousresearch.com/request-customization/cp_id=5868
Rising Electric Vehicle Adoption: The shift towards electric vehicles (EVs) is spurring EPS deployment to improve energy efficiency.
However, the market faces challenges, including:
Limited Load-Bearing Capacity: Constraints in EPS systems' load-bearing capacity.
Complete Replacement Needs: The challenge of replacing EPS systems in case of malfunctions, which affects market dynamics.
Market Segmentation
The electric power steering market is segmented into product types, applications, and geographies:
Product Type:
Rack-Assist Electric Power Steering: Anticipated to hold over 40% of the market share in 2024 due to its ability to enhance steering precision, fuel efficiency, and response. Notable advancements include Nexteer Automotive Corporation's launch of the Modular Rack-Assist Electric Power Steering (mREPS) system, which addresses diverse OEM requirements.
Column-Assist Electric Power Steering: Expected to grow at the highest CAGR during the forecast period, driven by its compact design and integration with advanced driver-assistance systems. The segment's expansion is supported by its ability to reduce steering wheel vibrations and enhance driving safety.
Buy Now: https://www.meticulousresearch.com/Checkout/82346727
Application:
Internal Combustion Engine Vehicles: Predicted to capture more than 68% of the market share in 2024, reflecting its widespread adoption in ICE vehicles for improved driving experiences and energy efficiency. The integration of EPS with various vehicle control systems, including lane-keeping assist and automatic parking, underscores its significance.
Electric Vehicles: Set to record the highest CAGR due to the growing adoption of EPS for enhanced safety, energy efficiency, and reduced vehicle complexity. EPS systems in EVs provide variable steering assistance, catering to different driving speeds.
Similar Report:
Smart Transformers Market: https://www.meticulousresearch.com/download-sample-report/cp_id=5793
Power Tools Market: https://www.meticulousresearch.com/download-sample-report/cp_id=5810
Electric Motors Market: https://www.meticulousresearch.com/download-sample-report/cp_id=5815
Power Inverter Market: https://www.meticulousresearch.com/download-sample-report/cp_id=5882
About the company:
We are the trusted research partners for leading businesses around the world, providing market intelligence focused towards building revenue transformation strategies. Our research is used by Fortune 500 organizations to attain success by scouting next generation revenue opportunities well ahead of their competition.
Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
Email-
sales@meticulousresearch.com
Visit Our Website:
https://www.meticulousresearch.com/
Connect with us on LinkedIn-
https://www.linkedin.com/company/meticulous-research
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Electric Power Steering Market Poised for Significant Growth, Projected to Reach $37.1 Billion by 2031 here
News-ID: 3653941 • Views: …
More Releases from Meticulous Research®
Dietary Supplements Market Size, Trends, and Growth Outlook (2025-2032)
The global dietary supplements market continues to expand as consumers increasingly focus on health, nutrition, and preventive wellness. Valued at USD 113.77 billion in 2024, the market is projected to reach USD 166.58 billion by 2032, growing at a CAGR of 4.9% from 2025 to 2032. This steady growth is driven by rising awareness of nutrition-enhanced products, an increasing preference for preventive healthcare, higher health and wellness spending, and a…
Heat Shrink Tubing Market Size, Growth, and Future Outlook (2025-2032)
The global heat shrink tubing market is witnessing steady growth, driven by the increasing demand for advanced insulation solutions across various industries. Valued at USD 2.1 billion in 2024, the market is projected to reach USD 3.2 billion by 2032, growing at a CAGR of 5.8% during the forecast period from 2025 to 2032. This growth is fueled by the rising use of electrical and electronic devices, expansion of the…
Botanical Supplements Market Growth Outlook 2025-2032: Natural Wellness Driving …
The global botanical supplements market is experiencing steady growth, fueled by rising health awareness and increasing consumer preference for plant-based wellness products. Valued at USD 47.9 billion in 2024, the market is expected to reach USD 81.6 billion by 2032, growing from USD 51.1 billion in 2025 at a CAGR of 6.9% during the forecast period from 2025 to 2032.
Download Sample Report Here : https://www.meticulousresearch.com/download-sample-report/cp_id=6053
Rising Health Expenditures and Growing Demand…
Document Readers Market Growth Outlook 2025-2032: Rising Demand for Advanced ID …
The global document readers market was valued at USD 296.8 million in 2024 and is projected to reach USD 501.2 million by 2032 from an estimated USD 314.3 million in 2025, growing at a CAGR of 6.9% during the forecast period of 2025-2032. This steady expansion reflects the rapid pace of digital transformation across industries and the growing need for efficient identity verification solutions.
Download Sample Report Here : https://www.meticulousresearch.com/download-sample-report/cp_id=6042
Increasing Digitization…
More Releases for EPS
Single-Pinion EPS & Dual-Pinion EPS Market Size and Growth Forecast by Applicati …
USA, New Jersey- According to Market Research Intellect, the global Single-Pinion EPS & Dual-Pinion EPS market in the Internet, Communication and Technology category is projected to witness significant growth from 2025 to 2032. Market dynamics, technological advancements, and evolving consumer demand are expected to drive expansion during this period.
The market for single-pinion and dual-pinion electric power steering (EPS) systems is expanding due to the increasing demand for fuel-efficient and advanced…
Single-Pinion EPS & Dual-Pinion EPS Market Trends and Forecast Report 2022 | By …
The QY Research released a latest market research report on the global and United States Single-Pinion EPS & Dual-Pinion EPS market, which is segmented by region (country), players, by Type and by Application. Players, stakeholders, and other participants in the global Single-Pinion EPS & Dual-Pinion EPS market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast…
Electronic Power Steering (EPS) Market Forecast to 2027 - COVID-19 Impact and Gl …
In terms of revenue, the global electronic power steering market was valued at US$ 52.6 billion in 2019 and is projected to reach US$ 54.9 billion by 2027; it is expected to grow at a CAGR of 3.6% during the forecast period from 2020 to 2027.
Download PDF Sample Copy @ www.theinsightpartners.com/sample/TIPTE100000331/?utm_source=openpr&utm_medium=10387
Major Players in the market are: Hyundai Mobis, JTEKT Corporation, Mitsubishi Electric Corporation, Nexteer Automotive, NSK Ltd., Robert Bosch GmbH,…
Light Commercial Vehicle EPS Market Forecast to 2028 - Covid-19 Impact and Globa …
Electric Power Steering (EPS) is the latest technology in the field of Automobile industry. Compared to the traditional steering system, EPS enhance the driving experience for car drivers and also increases the fuel efficiency. Many car manufacturing companies are offering EPS technology in their cars.
Download PDF Sample Copy @ www.theinsightpartners.com/sample/TIPTE100000676/?utm_source=OpenPR&utm_medium=10387
Major Players in the market are: JTEKT Corporation., Robert Bosch GmbH, NSK Ltd., ZF Friedrichshafen AG, Nexteer Automotive, Hyundai Mobis Co.,…
Global Power Assisted Steering PAS Market By Type (C-EPS, P-EPS, R-EPS) By Appli …
The Global Power Assisted Steering PAS Market 2020 report implement in-depth research of the industry with a focus on the current market trends future prospects. The Global Power Assisted Steering PAS Market report aims to provide an overview of Power Assisted Steering PAS Market players with detailed market segmentation by product, application and geographical region. It also provides market share and size, revenue forecast, growth opportunity. The most recent trending…
eps - around the World with Lady Gaga
Infrastructure service provider on tour
Since early 2012, infrastructure service provider eps has been on a world tour with one of the most popular and innovative performers of our time: Lady Gaga and her “Born This Way Ball”.
eps tour equipment
At the request of promoter Live Nation Global Touring, eps provided a variety of equipment: GIGS stage barricades with special elements for unique configurations, turf protection systems like Terraplas, Supa-Trac and Rollaway,…
